Manchester United Would Be
A Tough Play for Glazer

It is about time someone made a bid for Manchester United. For more than 18 months now, a motley collection of rich men has been quietly building big stakes in the U.K. soccer club, fueling speculation of a takeover. Behind the approach is Malcolm Glazer, the American owner of the U.S. football team Tampa Bay Buccaneers, who recently raised his stake in Manchester United to 19% and hired advisers. (See related article.)

Manchester United is certainly a handful. The shares have more than doubled since bid speculation began,...